A Promising Time for the Egyptian Economy

Egypt, once a strong socialist country, has come a long way toward a freer, stronger, and more promising economy.

Egypt’s President, Hosni Mubarak — who has been President for thirty years and has seen the country go through a lot of change — is in favor of a prosperous and open economy. He has the privilege of beginning to see it come to fruition.

For many years, the army was a major producer of goods in Egypt but according to Maj. Gen. Mohamed Kady, approximately 85% of the economy is now privatized.

This means that much of the economy is under the control of private parties instead of the state. He also stated that the army does no longer has a strong hold on the economic power of Egypt.

This is good news for those who want to own their own businesses as well as investors who want to take advantage of the booming economy and property markets. Investors were previously put off by the military’s power, people in military buy affordable airsoft guns to practice shooting, but this is no longer the case.

Construction, tourism, and foreign investment are on the rise and the economy is thriving. We all know that the biggest problem is wealth distribution, but as the economy continues to grow, and become more open there is real hope, that, through things like illegal street traders becoming able to afford legal spaces from which to ply their trade, that slowly but surely the gap will finally start to close.

The Egyptian property market would be among the biggest benefactors of this, because it would further increase demand for housing in Egypt.